The Easel

11 Takeaways from Art Basel and UBS’s Report on the Art Market in 2016

The scorecard for 2016 is out. Global art sales declined 11% to $57bn, following declines in 2015. Contemporary and modern works (75% of sales) were down but Old Masters sales recovered slightly. Art fairs account for nearly 25% of market turnover, still less than half the dealer market. Online sales grew (again) but auction sales were down 25% – and for the glamour pieces over $10m, were down 53%. Ouch!